Document ZB8LGKYre87bNx4dOjEdQmLO0

FILE NAME Corning OC DATE 1964-1967 DOC OC254 DOCUMENT DESCRIPTION Excerpts from Annual Reports TO OUR STOCKHOLDERS CORNING FIBERGLAS CORPORATION + I. Letter to Stockholders 3. Financial Review ANNUAL REPORT 4. Marketing 8 Properties and Facilities : 10 Research and Development 17. OCF International 14. OCF People and Policies 1964 15 Statement of Income , 15 Statement of Sources and Uses of Funds 1G Statement of Financial Position TWENTY SIXTH YEAR of 17. Statement Retained Earnings 17. Auditors Opinion 18. Ten Year Review 18. Trends Since 1946 19. Directors and Officers 20. Facilities Usting and Map ABOUT THE COVER This Fiberglas at work in a few its thousands of diversified The versatility of this material in its is various forms illustrated in cars trucks freight cars and aircraft in corrosion resistant tanks and pipe as thermal and acoustical insulation in homes office buildings apartments factories and power plants as soff delicate yarns for draperies curtains bedspreads and pillows as laminates for high voltage equipment as heat shields and rocket niotor cases in missiles as bathroom components as auditorium chairs as roofing in New York State Theater shown on back cover as recreational equipment in boats vaulting poles fishing rods and golf clubs as a protective coating for underground pipe and now as a reinforce- ment for rubber products More and more people are discovering the merd of this material and proving it in more and more many in collaboration with Owens Corning's dynamic research and product and process organization Operations Net Sales Earnings before Federal Taxes on Income Federal on Taxes Income 1954 299,812,261 1963 274,227,443 274,27,43 33,543,048 16,379,000 17,164,043 = 26,770,086 26,70,86 13,740,000 ' 12,480,08612,480,086 HAROLD BOESCHENSTEIN BOESCHENSTEIN Chairman of the Board ANNUAL MEETING Annual Stockholders Meeting of Owens Corning Fiberglas Fiberglas Corporation will be held in the General Offi Cps thirteenth Floor National Bank Building Toledo Ohio at 2 PM 9.7 Thursday April 15 1965 Sales and earnings for 1964 were the highest the Company's history Sales of approximately 300 million were up more than % from 1963 continuing a growth trend uninterrupted in the fifteen years since 1949. Earnings were equal to $ 56 per share an increase of 3742 over last year topping the previous high of 2.43 earned in 1959 varying All Marketing Divisions contributed to increased sales in degrees but the Decorative and Home Furnishings Division had the most striking gain with a 32 higher volume reflecting in part accel erating recognition of Fiberglas Beta yarns A major factor in increased earnings and profit margins was the manufacturing performance of our plants This reflects higher productivity stemming from conversions to new advanced manufacturing processes Improved methods in scheduling and balancing operations of our factories and the cooperation of trained and interested operating personnel were contributing factors Process as well as product de velopment is a continuing and essential part of our business and is derived substantially from the high technical competence and creative of our scientists and engineers We expect further gains through continuing improvements even higher operating standards with lower costs in 1965 Results were penalized during the fourth quarter by a three week strike our Barrington NJ NJ plant one of the few work stoppages in our history The cost to the company was equal to 3c par snare Through ful utilization of our other plants we were able to maintain essential service to customers during the strike period No union contracts are open for negotiation in 1965 except at our Berlin N. J plant Organization Changes During the past year a number of changes were made to strengthen our organization and to adjust it to changing needs and opportunities Growth of Fiberglas lextile material scles and the widely diversified uses for them in different forms as well as new opportunities for further applications prompted us to divide our Fiber- glas Textile Materials Division into two marketing divisions One desig nated as the Decorative and Itome Furnishings Division has responsi bility for development of Fiberglas for draperies and curtains bed- spreads maltrass pads and new materials for institutional and home furnishings Mr.J.F. Ferger was named general of manager this division The other new marketing unit the Fiberglas Industrial Materials Division is responsible for sales of textile yarns rovings and mats for all industrial purposes Including electrical applications of all kinds Fiberglas reinforced plastics rubber and paper reinforcements and a wide range of other uses Mr. Fowler Blauvelt former Central Regional Vice President was named Vice President and General Manager of manager the Division Mr A. R. Kenvan formerly Detroit branch succeeded Mr. Blauvelt as regional manager continued on pg 2 CN eee erm Ho mee Meet ae ciate tee OWENS.CORNING FIBERGLAS CORPORATION GENERAL OFFICES Toledo Ohio DIVISIONAL OFFICES New York New York Santa Clara Cabfornia Toledo Ohio TECHNICAL CENTER Granville Ohio PRODUCT AND PROCESS DEVELOPMENT LABORATORIES Ashran Rhode Island Granville Ohic Santa Clara California MANUFACTURING PLANTS Aiken South Carolina Anderson South Carolina Carolina Ashton Rhode Island Barnngton New Jersey Berlin New Jersey Huntingdon Pennsylvania Kansas City Kansas Newark Ohio Santa Clara California Waxahachie Texas INTERNATIONAL SALES OFFICES Brussels Belgium Mami Flor da New York New York San Francisco Califoma FOREIGN SUBSIDIARIES ng Owens Fiberglas International Corporation On.o Coming Fiberglas Europe S A Brussels Begin Fibras y Lana de Vidrio Glass SA SA Angote Culombia Corning Fiberglas Italy SpA SpA Mrian Pa Corning Fiberglas Venezuela ci Caracas Venezuela FOREIGN AFFILIATES Fiberglas Canada Limited Toronto Lun Asahi Fiber Glas Company Lid Tokyo Japan Vitro Fibras SA Mexico City Mexico Ausitalian Fibre Glass Pty Ltd Sydney Australia New Zealand Fibre Glass Auckland New Zealand Howard Subsidiary of Australian Cibre Glass Fbrega Fbrega South Africa Pty Ltd. Johannesburg South Africa Scandinavian & her AB Falkerberg Sweden Supply And Contracting Operations At 49 Locations Branch Branch Sales Offices Ea All Major Cities pS3 i ~ So FIBERGLAS OWFEINBSERGLAS SSaapaitabicoead Contents Lotter to Shareholders 5 finacial financial Highlights 5 Operations Aoview 7 Research and Development 12 Imagination in Design 14 L'egance Without Upkeep 16 A Balanced Balanced Environmon 18 New Dimensions in Safety 20 New Ideas in Recreation 22 Directors and Officers 24 Francial Review 25 Consalidated Palance Sheet Consolidated Statement of Consolidated Statement Petained Earnings 29 Consolidated Statement of Funds 29 Notes to Conset dated Financial Stater Sales Dollar Distribution 31 Ten Year Review 31 Domestic Facilities Facilities Foreign Subsidiaries and Allha'os 32 Annual Meeting Annual Stoct holifers Meeting of Corning fiberglas fiberglas Corporation will we held in the General Offices thirteenth floor National Bank Building Toledo Ohio at pm EST Thursday April 1969 eta Harold Boeschanstein cannot This Board of Directors ado- quately acknowledge the Corporation's great debt to Mr. Boeschenstein but to can and does express its intention carry on the Corporation's business under the scund and high principles which ha consistently supported throughout the Corporation's successful history Resolution December 21 1967